Trends in Identity and Access Management (IAM) for 2023

Since the advent of modern technologies and solutions, passwords and networks have been increasingly susceptible to hacking. Hackers can now easily crack alphanumeric passwords in a matter of seconds.

Unless data is protected or presented on a private server, it is at risk of being compromised. Hence, organizations have turned to Identity & Access Management (IAM) to add an extra layer of security. As cyberattacks become more common, the role of Identity & Access Management (IAM) in modern-day security strategies has become increasingly crucial in preventing security risks.

IAM is revolutionizing how businesses approach user authentication and security.

Among the latest developments in IAM are biometric technology, multi-factor authentication (MFA), cloud-based IAM solutions, mobile authentication, and the Internet of Things (IoT).

Seeing its latest development, it's no surprise that the market for cloud IAM is expected to reach US$ 13.42 Billion by 2027.

In this article, we explore the IAM trends for 2023 that will shape the future of identity & Access Management.

Overview of Identity & Access Management (IAM)

An Identity & Access Management system (IAM) manages digital identities and controls access to data and systems. The purpose of IAM systems is to secure resources against unauthorized access, data breaches, and other security risks.

As part of Identity & Access Management (IAM), users are authenticated (verified for their identity), authorized (granted access to particular resources based on their identities and permissions), and managed (maintained by maintaining passwords, roles, and permissions of individual users). A robust IAM system is a prerequisite to ensuring security and compliance with regulatory requirements.

Forecasts and Trends in IAM for 2023 & Beyond

With the onset of 2023, adopting the cloud will only intensify the need to develop a robust IAM security plan. When you have a range of trends and development in place. Where should you begin?

Here are the key IAM trends, tactics, and underlying technologies to protect identities and minimize the possibility of a security breach.

Integrating IAM with other Security Solutions

Currently, the market offers various cybersecurity tools and technologies, most of which are cloud-based. The Identity & Access Management (IAM) solution is not a magic bullet to solve an organization's security concerns. Thus, the integration of IAM with other solutions is considered essential by experts.

A growing trend in the cybersecurity industry is IAM integration to attain a more comprehensive security posture. A company will thus be less likely to suffer from security breaches and ensure its overall security.

Using Enhanced Multi-factor Authentication (MFA) to Enhance Security

Multi-factor Authentication (MFA) is one of the most effective ways of protecting our accounts and making our systems more secure against unauthorized access. The Verizon survey found that more than 90% of breaches involve some form of phishing attempt.

Thus, threat actors can steal login data and passwords. The best solution is to require Multi-factor Authentication (MFA) via OTPs and add a third layer of authentication based on usage patterns, IP addresses, locations, and devices.

Zero-Trust Security Architecture

It is predicted that the Identity-first security approach is the way forward for solution providers offering IAM solutions soon. It involves assuming that all individuals, devices, and networks are untrustworthy and accordingly limiting their access to resources. All users and devices accessing systems through this model must undergo continual verification and authentication throughout their access to them.

Increased Focus on Cloud-based Identity & Access Management (IAM)

Many businesses are now moving away from traditional on-premise solutions. By 2023 and beyond, cloud-based IAM platforms will be more prevalent. Factors contributing to this shift are their increased scalability, flexibility, and lower costs. A further benefit of these solutions is their ability to manage digital identities anywhere in the world, which makes them suitable for remote work models.

Machine-Learning (ML) and Artificial Intelligence (AI) in IAM

As IAM continues to evolve, AI and ML are also becoming more prevalent. With these advanced technologies, IAM tools offer sophisticated security features like automated access decisions and real-time threat protection.

Moreover, AI and ML allow organizations to handle large amounts of data by automating processes. Additionally, they provide a better user experience because they are free of human error.

A Decentralized Identity Ecosystem

Over the last several years, a wide variety of organizations have adopted decentralized identity ecosystems to manage their identities following an increase in identity theft and privacy leaks compared to centralized systems.

Consequently, IAM providers and product developers favor Decentralized Identity Management through blockchain technology.

Considering the user-centric nature of these systems, deploying a Decentralized Identity ecosystem based on blockchain technology will ensure that the users' privacy is protected.

Compliance with User Consent and Data Privacy

Due to the growing debate reports about user data leakage and privacy violations, organizations and end-users are focusing more on data privacy and consent as more and more cases are coming to light.

IT administrators should remain informed about all the latest compliances and policies regarding employee and user data. Data storage or use requires consent from users under new regulations.

Verdict: IDM Technologies is your all-time partner for implementing Identity & Access Management (IAM)

We understand the importance of having a flexible IAM platform that is user-friendly and flexible. With an emphasis on leveraging industry solutions that adhere to safety and security at your workplace, IDM Technologies is a Digital Transformation company focusing on leveraging technology innovations.

Whether you need Identity & Access Management (IAM) solutions for your company or business, we offer a one-stop shop for all your needs. Our objective is to provide a solution that addresses present and future Identity needs by offering a centralized, integrated, automated system for the governance and administration of identities that provide access management and adaptive Access Management functionality.

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